Harmonized code or HS Code a good inevitable aspect within the import export make trades. It is a unique numerical code sent to various products and commodities Documents required for IEC Code Registration India while shipping from nation to another. Its used to describe particular goods regarding import export trading platform.
The ITC HS Code List or India harmonized code list is regulated and maintained by the Director General of Foreign Trade or DGFT India. The international coding system has been adopted in India for export import techniques. It is an eight digit code which has been developed at par with the international coding system to suit the requirements of the international trading community from the country. The code is basically, a unique ID assigned a new particular trading product, which is by simply more than 200 countries across earth.
DGFT India in the governing authority that takes care of the changes or formulation or addition of new codes in the existing harmonized code list. The authority carries out periodical activities like commodity description, weeding the particular defunct codes, addition of new codes, change of description of product etc. It maintains the harmonized code list, and also a selection of such codes classified under 21 parts. The 21 sections include Animals & Animal Products; Vegetable Products; Animal or Vegetable Fats; Prepared Foodstuffs; Mineral Products; Chemical Products; Plastics & Rubber; Hides & Skins; Wood & Wood Products; Wood Pulp Products; Textiles & Textile Articles; Footwear, Headgear; Articles Of Stone, Plaster, Cement, Asbestos; Pearls, Precious Or Semi-Precious Stones, Metals; Base Metals & Articles Thereof; Machinery & Mechanical Appliances; Transportation Equipment; Instruments – Measuring, Musical; Arms & Ammunition; Miscellaneous; and Works Of Art. 1 of these 21 sections is further put into 98 sections. The chapters are further split up into sub-headings under which particular HS Codes to target different products are mentioned.
Every trader dealing in international market has to note the particular code associated with his product in all the forms as well important paperwork that become filled up at the time of export import. All the related activities like customs duty or excise duty or drawback rates or perhaps the exemption of commodities, are executed in experience with the code mentioned in the papers. Hence one can say that these codes are mandatory while dealing in foreign exchange punches. If the HS tariff list was not available, it would have been very troublesome for the traders to search for a particular segment of merchandise. The list presents the full product coding with amount of categories, simplifying a job of importers and exporters. You can easily access this code list over the world wide web with the internet data the likes of Infodrive India. Besides providing a comprehensive HS tariff list, organization has also provided an interior search box for searching the codes of particular goods via entering the product’s makers.